Oliver Chow
About Oliver Chow
Oliver Chow is Executive Vice President, Chief Financial Officer and Treasurer of Light & Wonder (L&W), appointed on December 13, 2023, after serving as Interim CFO since August 2023; he joined L&W in October 2022 as SVP Corporate Finance. He is 44 years old, holds a BS in Business Administration (University at Albany, SUNY) and an Executive MBA from UCLA Anderson, with prior finance leadership roles at Aristocrat, Universal Pictures, Deluxe Entertainment Services, and JPMorgan Chase & Co. Company performance metrics used in executive pay include consolidated AEBITDA and revenue under the 2024 LWICP (weighted 50%/50%), which paid at ~98.4% of target; the 2022–2024 performance RSUs paid at 91.3% of AEBITDA target and 100% of TSR target (71st percentile vs S&P 400), and Chow has stated L&W delivered YoY net income and consolidated AEBITDA growth with strong cash flow and accelerated buybacks (51% of the expanded program completed).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Light & Wonder | EVP, Chief Financial Officer & Treasurer | Dec 13, 2023–present | Executed $1B 6.250% Senior Unsecured Notes due 2033 and signed related indenture; authorized/signed multiple 8-Ks; advanced buyback execution (51% completed) |
| Light & Wonder | Interim CFO & Principal Financial Officer | Aug 25, 2023–Dec 13, 2023 | Corporate reporting and filings; transition leadership |
| Light & Wonder | SVP, Corporate Finance | Oct 2022–Aug 2023 | Finance leadership; prepared for CFO transition |
| Aristocrat | CFO — Americas, EMEA & Customer Experience | ~5 years pre-L&W (noted duration) | Senior finance leadership across regions |
| Universal Pictures | Finance roles | Not disclosed | Finance experience |
| Deluxe Entertainment Services | Finance roles | Not disclosed | Finance experience |
| JPMorgan Chase & Co. | Finance roles | Not disclosed | Early career finance experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| United Way of Southern Nevada | Board Member; Board Treasurer | Ongoing (current) | Community leadership; financial stewardship |
Fixed Compensation
| Element | 2023 | 2024 |
|---|---|---|
| Salary ($) | 354,231 | 625,000 |
| Bonus ($) | 200,000 (retention) | — |
| Stock Awards ($) | 596,792 | 1,093,654 |
| Non-Equity Incentive ($) | 214,797 | 461,250 |
| All Other Compensation ($) | 6,563 | 6,731 |
| Total ($) | 1,372,383 | 2,186,635 |
| Appointment Terms (effective 12/13/2023) | Value |
|---|---|
| Annual base salary ($) | 625,000 |
| Target bonus (% of base) | 75% |
| Target annual equity awards (% of base) | 175% |
| Target Equity Award Opportunity (2024) | % of Salary |
|---|---|
| Oliver Chow | 175% |
Performance Compensation
| Metric (2024 LWICP – Consolidated) | Target | Actual | Achievement (% of target) | Payout % | Weighting |
|---|---|---|---|---|---|
| LWICP Revenue ($ millions) | 3,225 | 3,188 | 98.9% | 94.4% | 50% |
| LWICP AEBITDA ($ millions) | 1,193 | 1,208 | 101.2% | 102.4% | 50% |
| Consolidated Weighted Payout | — | — | — | 98.4% | — |
| 2024 Annual Bonus Award (paid in vested shares) | Value |
|---|---|
| Amount ($) | 461,250 |
| Award paid as % of target | 98.4% |
| Award paid as % of end-of-year base salary | 73.8% |
| Shares delivered (#) | 4,344 |
| 2024 Equity Grants (RSUs) | Units (#) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|
| Time-vesting RSUs (3-year) | 5,479 | 546,777 | Vests in three equal installments starting Mar 20, 2025 |
| TSR RSUs (performance) | 2,740 | 273,439 | Vests Mar 20, 2027, contingent on TSR vs S&P 400 by Dec 31, 2026 |
| AEBITDA RSUs (performance) | 2,740 | 273,439 | Vests Mar 20, 2027, contingent on AEBITDA target by Dec 31, 2026 |
| Performance Achievement (2022–2024 RSUs) | Threshold | Target | Actual | Payout |
|---|---|---|---|---|
| AEBITDA RSUs (Consolidated AEBITDA) | $964m | $1,303m | $1,244m | 91.3% |
| Relative TSR vs S&P 400 | 30th percentile | 55th percentile | 71st percentile | 100.0% |
| Note | Mr. Chow not eligible for 2022 grants |
Equity Ownership & Alignment
- Stock ownership guidelines: CFO required to hold stock equal to 2× annual base salary; compliance is measured by shares/units counting direct/indirect holdings and time-vesting RSUs; options and performance RSUs do not count.
- Hedging and pledging prohibited for employees/officers/directors (no options, collars, short sales; no margin accounts or pledging).
| Ownership Guideline Compliance (as of 12/31/2024) | Requirement (shares) | Ownership (shares/units) |
|---|---|---|
| Oliver Chow | 12,711 | 14,361 |
| Beneficial Ownership (as of 4/11/2025) | Shares | Percent of Outstanding |
|---|---|---|
| Oliver Chow | 5,232 | * (<1%) |
| Outstanding Equity Awards at Fiscal Year-End (12/31/2024) | Units (#) | Market Value ($) |
|---|---|---|
| RSUs (Grant 11/14/2022) | 1,133 | 97,869 |
| RSUs (Grant 03/24/2023) | 1,421 | 122,746 |
| RSUs (Grant 03/24/2023) | 1,065 | 91,995 |
| RSUs (Grant 03/24/2023) | 1,065 | 91,995 |
| RSUs (Grant 03/24/2023) | 875 | 75,583 |
| RSUs (Grant 08/30/2023) | 1,758 | 151,856 |
| RSUs (Grant 03/20/2024 – Time) | 5,479 | 473,276 |
| RSUs (Grant 03/20/2024 – TSR) | 2,740 | 236,681 |
| Note | No stock options outstanding for Mr. Chow (options columns show none) |
| 2024 Stock Vested | Shares (#) | Value Realized ($) |
|---|---|---|
| Oliver Chow | 5,754 | 570,542 |
Employment Terms
- Severance (Qualifying Termination = without cause/for good reason): 12 months base salary, pro rata bonus for year of termination, and up to 12 months COBRA; Chow is not covered by L&W’s CIC Plan; equity awards accelerate upon change in control under the 2003 Plan. Non-compete covenants apply for 12 months post-termination. Clawback policies apply to incentive compensation. No excise tax gross-ups; “best net” cutback applies if 280G/4999 excise tax would otherwise apply.
| Estimated Payments (as of 12/31/2024) | Voluntary Resignation | Termination for Cause | Termination Without Cause or For Good Reason | Termination Without Cause or For Good Reason (with Change in Control) | Termination Due to Death | Termination Due to Disability |
|---|---|---|---|---|---|---|
| Base Salary ($) | — | — | 625,000 | 625,000 | — | — |
| Bonus for Year of Termination ($) | — | — | 461,250 | 461,250 | — | — |
| Health & Welfare/Insurance ($) | — | — | 25,271 | 25,271 | 1,250,000 | — |
| RSU Vesting Value ($) | — | — | 444,339 | 1,578,681 | 1,578,681 | 1,578,681 |
| Total Value ($) | — | — | 1,555,860 | 2,690,202 | 2,828,681 | 1,578,681 |
Additional terms and governance:
- CIC Plan: Double-trigger plan covers only certain executives (Wilson and Sottile); Chow is not a participant. Equity awards generally accelerate at change in control under the 2003 Plan.
- Clawback: NASDAQ-compliant clawback; additional discretionary clawback for fraud/gross misconduct including cancellation/recoupment and gains from sales/exercises.
- No hedging/pledging policy for all employees/directors.
- Related party transactions: None for Chow requiring disclosure (noted upon Interim CFO appointment).
Investment Implications
- Pay-for-performance alignment: Chow’s variable pay is tightly linked to consolidated revenue and AEBITDA (50%/50% weighting) with rigorous payout curves (no payout <85% of target; 200% at 130% achievement), and equity is 50% performance-conditioned (TSR, AEBITDA), indicating strong alignment with shareholders. 2024 paid ~98.4% of target; 2022–2024 TSR at 71st percentile paid at 100%, AEBITDA at 91.3% paid below target.
- Retention risk moderate: Employment terms provide only 1× salary plus pro rata bonus and 12 months COBRA upon a Qualifying Termination; Chow is excluded from the richer CIC Plan (double trigger), though equity accelerates under the 2003 Plan on change in control. This reduces severance inflation and limits pay-for-failure risk.
- Insider selling pressure: Scheduled time-vesting installments (starting Mar 20, 2025) and performance RSUs vesting in 2027 can create periodic supply; Chow realized 5,754 shares vesting valued at ~$571k in 2024. Hedging/pledging prohibitions mitigate adverse alignment behaviors.
- Ownership alignment: CFO guideline is 2× salary; Chow is in compliance (14,361 vs requirement 12,711 shares/units). Beneficial ownership reported at 5,232 shares (<1%).
- Execution signals: CFO commentary emphasizes disciplined capital allocation and buyback acceleration (51% of expanded program completed), suggesting continued shareholder returns and balance sheet flexibility.
